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Committee approves $60,000 of council discretionary funds to start public bank feasibility study; $400,000 gap remains
Summary
The committee approved an amendment to transfer a total of $60,000 from multiple AB1290 council office funds to the Chief Legislative Analyst for phase 1 of a public bank feasibility study; presenters said the full phase 1 cost is $460,000 and additional funding sources must be identified.
The Economic Development and Jobs Committee approved a motion (as amended) to transfer $60,000 from several AB1290 council office accounts to the Chief Legislative Analyst to start phase 1 of a public bank feasibility study. The CLA’s initial contract estimate for phase 1 is $460,000; staff and members acknowledged an outstanding funding gap of approximately $400,000.
John Wigan read the amendment on the record, which adds four $15,000 transfers from AB1290 fund accounts in Council Districts 1, 9, 13 and 14, for a total of $60,000 to the CLA’s contractual services account. Wigan explained the $60,000 "provides $60,000 so an additional $400,000 will be required from other sources before we can move forward with the study." He identified the phase 1 budget as $460,000.
Committee members debated whether general fund dollars should cover the balance. One member said, given the city’s budget shortfall and recent layoffs, they would not support use of general fund dollars but would not block individual council offices from using their discretionary AB1290 funds. The CAO was asked to assist in identifying additional funding sources.
The motion passed on a recorded roll call. A community impact statement from the Highland Park Neighborhood Council was noted in favor of the motion.
The committee instructed the CAO to continue to identify funding options and to return with a plan for how the remaining amount will be sourced before CLA executes the full phase 1 work.
